Were They Wrong?

Last week, the sky was falling. Congress had to hurry and send any bailout bill to the President’s desk for his signature. Remember. It was mission critical. Without the bailout bill, the economy (ours and the entire world economy) could come crashing down at any moment.

On Friday, enough members of the House of Representatives capitulated and the bailout bill passed. So everything is okay now, right? We’re good to go, yes?

Here are some of the pertinent ‘breaking news’ items I have received from BreakingNewsOn in the past four hours:

AP: President’s top advisers say financial markets remain “extremely strained.”
about 4 hours ago

AP: President’s top economic advisers pledge to work globally on financial crisis.
about 4 hours ago

BRAZIL STOCKS PLUNGE MORE THAN 10 PERCENT; US MARKETS OPEN. DETAILS SOON.
about 3 hours ago

DOW JONES FALLS NEARLY 300 POINTS IN FIRST MINUTE OF TRADING. DETAILS SOON.
about 3 hours ago

AP: Official: Treasury assistant secretary to be tapped as interim head of $700 billion rescue.
about 3 hours ago

DOW JONES INDUSTRIALS INDEX FALLS BELOW 10,000 POINTS AS GLOBAL FINANCIAL CRISIS WORSENS DESPITE $700 BILLION BAILOUT. DETAILS SOON.
about 2 hours ago

The Dow Jones has fallen 340 points, putting the index below the 10,000 mark for the first time since 2004; Nasdaq composite plunges 4%.
about 2 hours ago

The Dow Jones Industrials has fallen 360 points as the Federal Reserve announces $150 billion in 85-day credit through auction facilities.
about 2 hours ago

DOW JONES INDUSTRIALS FALLS MORE THAN 400 POINTS. DETAILS SOON.
about 2 hours ago

Europe’s Stoxx 600 falls more than 7%, its biggest drop since 1987, Bloomberg TV reports.
about 2 hours ago

DOW JONES INDUSTRIALS FALLS MORE THAN 500 POINTS. DETAILS SOON.
about 2 hours ago

The Dow Jones Industrials has fallen more than 570 points in another dramatic day on Wall Street; index now below 9,800 total.
about 2 hours ago

AP: EU presidency says all 27 members pledge “necessary measures” to ensure financial stability.
about 2 hours ago

BRAZILIAN SHARES PLUNGE MORE THAN 15 PERCENT. DETAILS SOON.
about 2 hours ago

As the financial crisis worsens across the world, the Toronto stock market (TSX) has tumbled more than 1,060 points (about 10%).
about 1 hour ago

Argentina’s Merval stocks plummet about 10.83% to 1.348,77 points; Dow Jones now down 460+ points.
about 1 hour ago

AP: The Icelandic government says it will guarantee all domestic savings deposits.
about 1 hour ago

AP: France’s CAC-40 share index down more than 8 percentage points near end of trading.
about 1 hour ago

AP: President Bush says “it’s going to take awhile” for the financial rescue plan to work.
29 minutes ago

What? On Friday we were told that a vote for the bailout bill would prevent this very thing from happening? What does he mean “it’s going to take a while?” What does that mean? Does that mean the market is still going to crash? Does that mean that even with the bailout bill nothing is going to change? Wow. Then, after following all of the news today, I read the following article from James Doran in The Observer.

Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government’s $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.

‘There is a growing feeling that banks … might instead decide to tough it out,’ said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager.

Now the banks are going to tough it out? You mean they didn’t ‘need’ the bailout? Wow. I thought our Senators and Representatives spent the past week telling us how bad the banks needed this to help “main street” America.

Were they wrong?

All The Wrong Reasons

With Congress and the President ready to toss the pending “Bereft Banker BailOut” at our feet, I thought I would see what Republican House members were saying and doing.

In a closed-door session with House Republicans Sunday evening, Minority Leader John A. Boehner called the $700 billion financial rescue deal a “crap sandwich” — then said he plans to vote for it.

Things are not looking good if the Minority Leader of the House refers to the pending legislation as a “crap sandwich” and then says he’s still willing to vote for it. Shouldn’t our Congressmen be voting for the the right solution rather than the best solution they could come up with before some imaginary deadline?

With support from Cantor and Ryan in hand, party leaders – in conjunction with the White House – were expected to start leaning on other members to back the bill.

When you hear that Republicans need to lean on other Republicans to convince them to back a bill, you know the bill is a bad idea. You lean on people when they want to force them to do something. If it was a good idea, wouldn’t they be backing it willingly?

Minority Whip Roy Blunt (Mo.), who negotiated the terms of the tentative agreement for House Republicans, met Sunday afternoon with a bloc of retiring GOP lawmakers in an effort to secure their support for the plan, members familiar with the discussions said.

During that session, Illinois Rep. Ray LaHood, who has battled with party leaders over the years, told his colleagues that they should support the team because none of them would have to face voters in November.

He told his colleagues to support the bill because they are retiring and wouldn’t have to face voters in November. If that isn’t the clearest signal that this bail out bill is still a bad idea, I don’t know what is.

Do You Have Any Idea What Congress Is Doing?

Our Congress has let us down once again, and soon, so will our President.

Congress approved mortgage relief for 400,000 struggling homeowners Saturday as part of an election-year housing plan that also aims to calm jittery financial markets and bolster the sagging economy. President Bush said he would sign it promptly, despite reservations.

I don’t think you realize how much this “housing bill” is going to cost the American taxpayer. I don’t think you realize exactly what this bill will do. This bill will not help 400,000 struggling homeowners, I do know that.

This bill allows the FHA to spend $300 million to back new mortgages (where the homeowners showed they could actually afford a new loan anyway).

This bill allows Freddie Mac and Fannie Mae to buy home loans as high as $625,000. It also allows them to buy mortgages at a rate 15% higher than the median home prices. This section alone will cost the taxpayers billions of dollars. Just watch.

This bill allocates $180 million in “pre-foreclosure counseling” for struggling homeowners.

This bill includes $3.9 billion to “fix up” neighborhoods.

This bill gives $15 billion in tax cuts to first time home buyers, and a tax-credit of $7,500 for people who purchased their homes after April 9th of this year. Funny, I thought it was the people who bought their homes before this year that had issues. Huh, silly me.

Oh yeah, and the powers that be in Congress increased the limit of our national debt by $800 billion to $10.6 trillion dollars. TRILLION.

Do you know how much a trillion is? 1,000,000,000,000. That’s a huge number.

If you go back 1 trillion seconds, you would be in the year 29701BC.

If you had a spaceship with enough fuel to travel 1 trillion miles, you could travel to the sun and back 10,752 times.

With the current population of the United States standing at just over 300 million people, if our national debt was $1 trillion, each citizen would owe more than $3,320.

Then again, we don’t have a national debt of one trillion dollars, right now, it’s almost $10 trillion and Congress just made it worse.

Break out the checkbooks people. You elected these morons, and now you’re paying for it.